With expectations continuing that the war between the United States and Iran will end soon, New York stocks closed higher for a second straight day.
On the 1st (local time) on Wall Street, the Dow Jones Industrial Average finished at 46,565.74, up 224.23 points (0.48%) from the previous session. The Standard & Poor's (S&P) 500 index rose 46.80 points (0.72%) to 6,575.32, and the tech-heavy Nasdaq composite closed at 21,840.95, up 250.32 points (1.16%).
Earlier, U.S. President Donald Trump and Iranian President Masoud Pezeshkian signaled a will to end the war, which is seen to have led to a recovery in investor sentiment.
That day, President Trump claimed on Truth Social, "The new regime president of Iran has just asked the United States for a cease-fire." The previous evening, Trump said, "We will leave soon," and noted, "We will end military operations within 2–3 weeks."
Iranian President Masoud Pezeshkian also hinted at ending the war the same day, saying in an open letter addressed to the United States, "Taking the path of confrontation is costly and meaningless."
The market showed a strong tone led by semiconductor stocks.
Intel surged 8.8% on news that it repurchased its equity in a joint venture (JV) related to a semiconductor manufacturing plant in Ireland after two years, while memory chipmakers also soared, including ▲ Micron Technology (8.9%) ▲ SanDisk (9.0%) ▲ Western Digital (10.1%).
International oil prices fell on hopes for an end to the war.
Brent crude futures for June delivery settled at $101.16 per barrel, down 2.7% from the previous session.